You are provided with the following amounts for Diane Welsey for the current year: -Net employment income (ITA 5 to 8) = $70,000 - Interest income (ITA 12) = $5,500 - Taxable amount of dividends (ITA 12) = $2,640 - Taxable capital gains (ITA 38 to 55) = $3,000 - Allowable capital losses (ITA 38 to 55) = $4,000 - Interest expense (bank loan for investment purposes) = $3,000 - Investment counsel fees = $700 - RRSP deduction (allowed pursuant to ITA 60) = $11,500 Based on the above, the "net property income" reported by Diane Welsey pursuant to ITA 3(a) for th

You are provided with the following amounts for Diane Welsey for the current year: -Net employment income (ITA 5 to 8) = $70,000 - Interest income (ITA 12) = $5,500 - Taxable amount of dividends (ITA 12) = $2,640 - Taxable capital gains (ITA 38 to 55) = $3,000 - Allowable capital losses (ITA 38 to 55) = $4,000 - Interest expense (bank loan for investment purposes) = $3,000 - Investment counsel fees = $700 - RRSP deduction (allowed pursuant to ITA 60) = $11,500 Based on the above, the "net property income" reported by Diane Welsey pursuant to ITA 3(a) for th

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter5: Business Deductions

Section: Chapter Questions

Problem 28P

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You are provided with the following amounts for Denise Tran for the current year: * Net employment income (ITA 5 to 8) = $40,000 • Interest income (ITA 12) = $6,100 Taxable amount of dividends (ITA 12) = $2,640 • Taxable capital gains (ITA 38 to 55) = $5,500 • Allowable capital losses (ITA 38 to 55) = $6,500 • Interest expense (bank loan for investment purposes) = $5,500 Investment counsel fees = $300 RRSP deduction (allowed pursuant to ITA 60) = $12,000 Based on the above, the "net property income" reported by Denise Tran pursuant to ITA 3(a) for the current year is: - Choose the correct answer. OA. $8,740 OB. $38,460 O C. $7,740 OD. $2,940
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